Personal tax changes from 6 April 2015

HMRC has kindly published a list of the tax changes that affect individuals from 6th April 2015. We have reproduced the list below.

Individuals over the age of 55 have flexible access to their defined contribution pension savings

The Income Tax Personal Allowance increases to £10,600

The higher rate Income Tax threshold increases to £42,385

The new Marriage Allowance comes into effect

The starting rate of savings Income Tax reduces from 10% to 0% for savings up to £5,000

The cash ISA limit increases to £15,240

Child Trust Funds can now be transferred into Junior ISAs

Spouses can now inherit their deceased partner’s ISA benefits

If an individual dies before the age of 75, they can now pass on their unused defined contribution pension savings free of Income Tax

Beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity can now receive any future payments from such policies free of Income Tax

Employers will no longer have to pay employer NICs for employees under the age of 21

Class 2 NICs for the self-employed can now be collected through Self Assessment

The Employment Allowance extends to include people employing care and support workers to look after themselves or family members

A new annual remittance basis charge of £90,000 is introduced for non-domiciled individuals who have been resident in the UK in at least 17 of the last 20 years, and the charge paid by non-domiciled individuals who have been resident in the UK in at least 12 of the last 14 years has increased from £50,000 to £60,000